Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section.
— A subprime dealer moves from homes to cars: “Ally, once known as GMAC Financial Services, is getting ready to go public this year, and is making the case that subprime loans for used car buyers are not about to produce the same results that they did in the housing market a few years ago.”
— “The pace of planned job cuts edged higher in May, with government sector layoff announcements dominating the numbers;” government jobs accounted for 40 percent of announced layoffs during the month.
— “Around one percent of households have 39 percent of the globe’s wealth,” according to a study by The Boston Consulting Group.
— Banks attempting to foreclose on homes are getting rebuffed by judges, “as some delinquent borrowers are successfully arguing that their mortgage companies can’t prove they own the loans and therefore don’t have the right to foreclose.”
— The Atlantic’s Derek Thompson looks at the 30-year collapse of American economic optimism.